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The global industrial and institutional cleaning chemicals market size is expected to reach USD 68.16 billion by 2027, exhibiting a CAGR of 4.7% during the forecast period. The growing demand for green products, which are free from bacterial constituents and reduces the risk of bacterial resistance will improve the prospects of the market in the foreseeable future, mentioned in a report, titled “Industrial and Institutional Cleaning Chemicals Market Size, Share & COVID-19 Impact Analysis, By Product Type (General Purpose Cleaners, Floor Care, Warewashing, Disinfectant & Sanitizer, Laundry Care, and Others), By End-User (Commercial, Manufacturing, Institutional & Government) and Regional Forecast, 2020-2027.” The market size stood at USD 47.25 billion in 2019 and is expected to exhibit a CAGR of 4.7% between 2020 and 2027.
Strategic Partnership of RB and Diversey Inc to Augment Growth
RB, a major leader of consumer health, hygiene, and home products, announced that it had signed a strategic alliance in the North American industrial and institutional cleaning market with Diversey Inc (“Diversey”), a provider of efficient cleaning and hygiene technologies. The new partnership will enable RB’s strength in convenient, ready-to-use solutions, including Lysol, Airwick, Easy-Off, and Resolve—and Diversey’s advanced institutional cleaning expertise in hospitals, schools, and office complexes across the country. This new development will improve Diversey’s Prosumer Solutions category and offer Diversey’s distributor partners greater access to the world’s most trusted brands and cleaning products. Moreover, the collaboration will provide complete facility disinfection, cleaning, and air care solutions for application across verticals, delivering upon specific end-users.
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Strict Regulation Standards to Retard Business Development
The cleaning chemicals contain solvents that have high VOC content. VOCs can cause chronic respiratory problems, asthma, and allergic reactions. Centers for Disease Control & Prevention (CDC), and the National Library of Medicine (NLM) have regulated the use of cleaning chemicals. Moreover, many cleaning products and supplies can cause irritation to the throat & eyes, headaches, or even form cancerous cells, which, in turn, dampen the market's growth. Besides, the cleaning supplies are full of flammable and corrosive chemicals, leading to health problems.
Acquisitions and Joint Ventures of Prominent Companies to Consolidate Business
The key players in the market are investing in research and development activities to develop bio-based formulations for various applications. Major companies are offering application-specific products, especially industrial and institutional cleaning chemicals to strengthen their presence in the market. The major players are focused on the brand association, and distribution network to consolidate their position in the market. The companies are also focusing on strategies such as acquisitions and joint ventures to enhance global presence.
The Report Lists the Key Players in the Industrial and Institutional Cleaning Chemicals Market:
Further Report Findings:
The Market is Segmented into:
Value (USD Billion) and Volume (KT)
By Product Type, By End-user, and By Region
By Product Type